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DAB STATS – August Residential Sales Summary

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Oh, August.  TGIF.  It’s been so friggin’ hot!

August and December seem to be the two months when real estate is not a priority for most families.  It’s vacation time.  Back-to-school time.  And, in Austin, Texas it’s violently hot.  So hot that downtown Austin’s walkability loses some of its romance.

In August we recorded 16 transactions, with the average sale price of a downtown Austin condo hovering around $298 per foot.  Once again, this is consistent with recent evidence that shows +/- $300 per foot seems to be a homeostatic equilibrium for downtown Austin.

Of the top-tier buildings, TCAD shows 11 7 closed units at the Austonian.  The W Hotel Residences are approaching completion.  The Four Seasons Residences TCAD entries have yet to be divided into individual records.  TCAD can take 30 days to update.

You can search for Austin condos and lofts using our map-based viewer.  Registered members of DAB can download a complete statistical and transaction report here.

-Jude

Best Of Austin Nominations

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Lots of people in Austin, even the ones that don’t read/like the Chronicle, recognize the “Best of Austin” awards as the ones to watch.  We asked a few brave downtown Austin stakeholders to weigh in and share their pics.

You can vote here.

Roger Cauvin
SnappATX
**********
New Building (Past Five Years) = Austonian
Trailer = Flip Happy Crepes
Downtown View = Gym at the Austonian
Hotel = Driskill
Visual Artist = Shyama Golden
New Club = Hudson
Live Club or Party DJ = Toddy B (Todd Burgener)
24=Hour/Late = Thai Passion
Place to Take a First Date = Cafe Josie
Intimate Dining = Cafe Josie
Farmers’ Market = Downtown Farmers’ Market
Neighborhood Grocery = Royal Blue Grocery
Bar Staff = Beso Cantina (Jason and Darren)
Bar Ambience = Hudson
Wine Selection = Cafe Josie
Beer Selection = Gingerman
Best=Kept Secret = Cafe Josie
Photographer = Nick Brill
Music Station = 101X
Local Blogger = Jude Galligan
Local Blog = Downtown Austin Blog
Gear/Sporting Goods = St. Bernard’s
Bike Ride = Downtown to Hula Hut
Place to Skate = Veloway
Swimming Pool = Barton Springs
Swimming Hole = Barton Springs
Fitness Classes = Crossfit Central (Stacey Lashley)
Elected Official = John=Michael Cortez
Council Member = Chris Riley
Activist Organization = Downtown Austin Neighborhood Association (DANA)
Activist = Cid Galindo
Environmentalist = Greg Anderson
Barbershop = Good Life Barber Shop
Dry Cleaner = Cathy’s Cleaners
Auto Service/Repair = Firestone (Congress)
Bicycle Repair = Mellow Johnny’s (Aaron Norcross)
Veterinarian = Austin Urban Vet Center
New Local Business = East Side Show Room
*Who/what you would give an award to = Dadnab (transit texting service)

[Read more…] about Best Of Austin Nominations

DAB STATS – May Transaction Summary

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WHEW…

In May, we saw at least four articles suggesting that more downtown Austin buildings are forthcoming: Block 51, Austin Energy building on West Ave, City planning a new parking garage, State capitol considering more density.  We haven’t seen that many speculative media reports about downtown development since 2006.

We’ve been hammering the point that there is no more new inventory under $400 per foot.  It’s gone.  But, don’t get caught up in the hype about new construction, at least not yet.  Even if the data suggests that there is capacity for more new attainably priced product (2bds/2ba+ for under $400k), the capital markets aren’t racing to provide financing.

Conversely, there’s a robust resale market working like a well oiled machine.  The difference between average asking price and average sale price is shrinking.  Last month, across 22 transactions, this spread was ~4%.  Timid buyers and sellers should take confidence in this stability.  To drive home the point even further, we witnessed at least two bidding wars last month.  Many buyers are longing for the days of 2008 and 2009 when 25-30% discounts were being offered.

Area “DT” – MLS defined market area for downtown Austin – has such diverse product that average numbers cannot be used without qualification.   For instance, it is necessary to qualify the age, location, and level of amenities when comparing Cambridge Tower to 360 Condos. ($226psf vs. $385psf, respectively)

Average price for area DT was $283.91 per foot, based on data collected from 22 transactions recorded in May.  That is down from May of 2009 when pricing was $303 per foot across 13 transactions; however, the spread between list price and sale price in 2009 was closer to 10% – much more volatile.

The MLS data does not include private developer sales (Spring, Austonian, W Hotel, Four Seasons).  Multiple sources have shared with us that the W entered into approximately 10 deals in May, and will not accept offers with more than a 5% discount.   The Austonian recieved their certificate of occupancy and is planning it’s first closing next week.  No news from the Four Seasons.

Registered DAB subscribers may access the complete May 2010 transaction report.

-Jude

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Art House Movie Theater Coming To 2nd Street District.

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The Violet Crown art house theater is under construction, opening in December

At the west end of the 2nd Street District, directly above the soon-to-open How Do You Roll sushi restaurant, will soon be downtown Austin’s latest cinema – The Violet Crown. We reported back in January that 2nd Street District was getting a new movie theater. The Statesman’s Chris Garcia gets the latest info on The Violet Crown. Scheduled to have four screens, with bar/lounge, and opening in December.

The construction will actually expand the mezzanine level by a couple of feet over the sidewalk.

The Violet Crown should make a great addition to the district. At first glance it would appear they are taking on the Alamo Drafthouse head on. However, the Violet Crown might take on a more refined lounge-like experience, trading high ball glasses for buckets of beer.

The removal of the W Hotel’s street barricades this summer will unclog the pedestrian experience in the 2nd Street District, but will be especially welcome to the 400 block that includes BoConcept and La Condessa.